Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Thu, Jun 25 1992 Date: Thu, 25 Jun 92 05:35:29 EDT Message-ID: 06-25 0000 DECISIONLINE: Real Estate USA TODAY Update June 25, 1992 Source: USA TODAY:Gannett National Information Network O&Y ORDERED TO LIST COSTS: Olympia & York Developments Ltd. must detail its operating costs to creditors by Friday, an Ontario judge ordered Wednesday. Creditors can't proceed with a restructuring plan without the information, said Justice Robert Blair of the Ontario Court of Justice General Division. FIRM, GOVERNMENT AGREE TO SWAP: In exchange for 18,500 acres of federally owned forests in the Idaho, Potlatch pulp and paper company, based in San Francisco, will give up three times as much property in Arkansas' Delta. The exchange is intended to preserve more than 100 miles of river and several species of wildlife. The plan has the support of members of Congress from Idaho and Arkansas and the U.S. Forest Service. HEARING TO COVER LAND TRANSFER: Sen. Larry Craig, R-Idaho, will hold a formal hearing next month on the transfer of nearly 920 acres of Potlatch pulp and paper company's more environmentally sensitive Idaho land to the Forest Service. The land, located in Lolo Creek Management Area and the Grandmother Mountain Wilderness Study, valued at an estimated $19.8 million to $21.8 million by The Fish and Wildlife Service. WIS. GIVEN FEDERAL GRANT: The federal government has awarded Wisconsin $1.67 million in funds to build 40 apartment units in Crandon, Loyal and Solon Springs. As part of the project, the state will provide $300,000 in rental subsidies for five years. LANDOWNERS, MINING FIRM BATTLE: A judge awarded $3.53 million to 70 Manchester, Ky., landowners in a battle with coal mining company London-based Leeco Inc. The judge ruled that the lease under which the firm was working was "flimsy." The firm's lawyer said the lease is standard in the industry. KANSAS OFFICIAL PLEADS GUILTY: Michael Russell, former board chairman of the Kansas Public Employees Retirement System, Wednesday pleaded no contest to one felony count of aiding and abetting securities fraud. The case is tied to $65 million that KPERS lost in Home Savings Association of Kansas City, Mo., in 1986. He was placed on probation for 3 years. FIRM PLANS ILL. MINE: The Illinois Department of Mines and Minerals will accept public comments until July 24 on Zeigler Coal Company's plans to mine under Wayne Fitzgerrell State Park. Residents and conservation officials fear the mining would cause damage, including flooding. DELAWARE APPROVES HOUSING ACT: The Delaware Senate Wednesday approved an overhauled Fair Housing Act that's tougher than a 1988 federal law. Lawmakers voted 20-1 to prohibit discrimination based on age, race, religion, handicaps, and other factors when selling or renting houses. Delaware faces the loss of federal money if it doesn't update the housing law. D.C. BUSINESSMAN LEAVES ESTATE: The estate of Washington, D.C., businessman Frederick Haas has left a 1,300-acre farm in British Columbia to Georgetown University and Georgetown Preparatory School. The schools will also receive $3 million in securities. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.48% Wednesday, unchanged from Tuesday but down from 8.54% the week before. They were at 9.65% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.84%, unchanged from Tuesday but down from 5.90% the week before. A year ago they were at 7.24%. ARM INDEXES STABLE: The one-year Treasury ARM index rates were listed at 4.12% Wednesday, unchanged from Tuesday but down from 4.18% the week before. A year ago they were at 6.37%. For the 11th District ARM index, rates were at 5.427%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 7.501%. T-BONDS DROP: Treasury security rates for the 30-year bonds should a decrease Wednesday, listing at 7.82%. That's down 0.02 from rates of 7.84% Tuesday but unchanged from the week before. A year ago T-bonds were at 8.51%. Real Estate Editor: Christopher Goldthwaite. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM